Armenpress
AEN DENIES REPORTS ABOUT SELLING SHARES TO RUSSIAN COMPANY
YEREVAN, JULY 1, ARMENPRESS: A spokesman for a British-registered Midland
Resources Holding Ltd., the owner of Armenian Electricity Networks (AEN),
denied today press reports claiming that the AEN sold all its shares to
Interenergo, a subsidiary of the Russian United Energy Systems (RAO UES) at
$73 million, in an ostensible deal that was described as ” a fresh move” to
further tighten Russian grip of Armenian electricity generating facilities.
The spokeswoman, Margarit Grigorian, reiterated her June 29 statement
saying “the distribution network was not and will not be for sale.” She said
the Midland Resources Holding sold to the Russian giant only “the right to
manage the company,’ saying AEN holds all its shares, but she did not
mention the cost of the deal. Russia already owns the biggest thermal power
plant in central town of Hrazdan, a chain of small hydro power plants known
as Sevan-Hrazdan Cascade and was given the financial management of Metsamor
nuclear power plant two years ago.
AEN is owned by a British-registered Midland Resources Holding Ltd with
Russian capital. It bought the energy distributing networks at $37 million
in 2002. The Armenian government expected the privatization to put an end to
huge annual losses, about $50 million, at the state-run enterprise.
According to experts, after a set of sweeping reforms the AEN makes now
around $20 million in annual profits